w88 casino News Network (Reporter Zhuang Yan)11month24日夜6:30, Integrity202The seats are packed, and the finance lecture jointly hosted by the Student Union of the Youth League Committee of the w88 casino of Finance and the Graduate w88 casino is being held. This finance lecture invited Professor Ping Xinqiao from the w88 casino of Economics of Peking University to give a vivid lesson to the students of the University of Business and Economics on the theme of "Reflections on the Financial Crisis by the Economics Community". Participants included Teng Yun, deputy secretary of the Party Committee of the w88 casino of Finance, and Zhang Haiyang, a teacher of the w88 casino of Finance.

Guests

At the beginning of the lecture, Deputy Secretary Teng Yun first briefly introduced Professor Ping Xinqiao to everyone. Ping Xinqiao is a Ph.D. in economics from Cornell University in the United States, a professor and doctoral supervisor at the w88 casino of Economics at Peking University,20079790_9860

Deputy Secretary Teng Yun introduced Professor Ping Xinqiao

“Keynesianism cannot save the crisis.” Ping Xinqiao believes that the crisis began2007In the four years to now, Keynesianism has always emphasized state intervention and the inference of basic economic theories. The state should strengthen supervision to survive the financial crisis. However, the economies of many Western countries have not emerged from the quagmire of the crisis. Therefore, the rule of "do not believe in the market, only believe in state intervention" must be changed.

“Theoretically, financial crisis is related to liquidity.” Professor Ping explained the principle of “asset securitization” to the students present. Financial intermediaries provide liquidity and provide favorable benefits and costs. "Without bank liquidity, financial transactions in financial markets would be a value-added process." Ping Xinqiao's point of view is that the hollowing out of the country's manufacturing industry due to massive outsourcing, resulting in excessive overall spending, is the problem with the U.S. economic crisis.

“There are distortions in the incentive mechanism.” Ping Xinqiao elaborated on three aspects: w88 and non-w88 sectors, factor prices and inequality, and financial product pricing mechanisms. Traded products actually depend on non-traded products and use them as factors of production. For example, the manufacturing industry that produces traded products must be inseparable from non-traded sectors such as the service industry as the basis. “A country’s long-run real exchange rate depends on the ratio of factor prices in the non-tradable sector to the tradable sector.”

Professor Ping Xinqiao then explained the "central bank functions in crisis" from three points: "monetary policy", "credit policy" and "reserve asset interest rate policy". Professor Ping issued it with the Federal Reserve7000Recalling treasury bonds as an example, I pointed out that this approach is actually using state bonds to rescue private enterprises and change the asset structure without changing the asset scale.

Professor Ping Xinqiao said that in his opinion, “the nature of the crisis has changed.” Taking the United States as an example, after four years of recovery, the U.S. unemployment rate has still not returned to the level2007years ago, always maintained at9%Around, and the normal return speed should be around10About a month. The correct method should be to explain it from a practical economic perspective, that is, taking into account the major factors of industry, w88, and labor.

Finally, regarding the issue of exchange rate theory, Professor Ping pointed out that "traditional exchange rate issues assume that information distribution is uniform, while the new exchange rate theory is based on uneven information distribution."

After listening to Professor Ping Xinqiao’s unique thoughts on the financial crisis, the students on site also raised their own questions on hot topics such as “European common bonds” and “China’s domestic demand”, and Professor Ping answered them one by one. After the lecture, the students were still not satisfied and gathered around the professor to have a more in-depth discussion on the current economy.